“Before I take questions on today’s meeting, I’d like to comment on the Wall Street reform bill that is currently in conference committee.

“The bill includes historic provisions to bring comprehensive regulation to over-the-counter derivatives. This includes fully regulating derivatives dealers and requiring standardized derivatives to be traded on transparent trading facilities and be cleared by central counterparties.

“To best protect the American public, I am hopeful that the final bill does not include exemptions from clearing and trading for financial entities that use derivatives. While it is clear that the bill will include exemptions for commercial end-users of derivatives, that exemption should be narrow and well-defined. Exemptions for financial entities leave interconnectedness in the system and create links in the chain between a dealer's failure and a taxpayer bailout.”